Amends TCA Title 7, Chapter 53.

Present law provides for the creation of industrial development corporations. This bill authorizes the establishment and operation of industrial development corporations solely to assist and benefit minority-owned businesses, locally-owned businesses, small businesses, and women-owned businesses. This bill requires that all industrial development corporations established under this bill have neighborhood advisory committees to assist their boards of directors in promoting, funding, and cultivating minority-owned businesses, locally-owned businesses, small businesses, and women-owned businesses. All of the reasonable costs related to the creation of industrial development corporations established under and consistent with the intention of this bill must be funded by the department of economic and community development for a period not to exceed five years. All reasonable operating costs related to staffing and operational expenditures must be fully reimbursed by the department or the governing body of the local government within which the corporation operates for a period not to exceed four years. Following such time, the department and local governments will be encouraged to financially assist and support industrial development corporations established under this bill and must provide financial support as directed by the general assembly.